When it comes to China, there's always a catch

RISE AND FALL: The bull run was heralded as a new golden age of stocks by the Chinese state media. Until it hit a free fall that erased over US$3 trillion in market value, volatility that still continues.

PHOTO: REUTERS

AS China's once-staid currency suddenly dropped sharply last week, Wall Street began sniffing around for a way to profit. A trader on Goldman Sachs' Hong Kong trading desk sent out a memo to hedge fund clients highlighting one opportunity: Taking advantage of a price difference between China's